DDBL
Manage and improve your business by getting timely access to funds under Daily Deposit Business Loan (DDBL) Scheme of CITO Nidhi.
Avail funds to meet your working capital requirements, purchase of machineries and equipment, or for repairs and renovation of existing business unit and other Term Loan for Business expansion.
Features and Benefits
- Can be opened by all individuals including Minors under Guardianship
- Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-.
- Deposit period ranges from 12 months to 60 months
- For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
- Nomination Facility Available, Loan Facility Available.
- Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
- All resident Individuals, Proprietorship concerns can avail
- Loan shall be granted for business expansion, working capital purposes and any other general purpose pertains to business.
- Assessment based on Kachha Pukka Bills / ITR / GST / Bank Statements
- Can be availed as Term Loan with easy EMI payments Option.
- No need to pay separate EMIs as EMI is being collected from DD account
- Stock Hypothecation in favor of CITO Nidhi Ltd.
- Pre-Mature Closure is allowed, subject to applicable norms.
- CIBIL deviation allowed on satisfactory justification
- For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month.
- A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
- The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
- Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
- Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
Interest Rates Chart for Different Tenures
| Loan Amount | 8 times of one month's Daily Deposit Amount - Maximun Loan Rs 3.00 Lakhs |
| Repayment Tenor | 12 Months / 18 Months / 24 Months. |
| Processing Charges | 3.00% on Loan Amount + GST |
| Foreclosure Charges | 4% on Loan outstanding. |
| Primary Security | Hypothecatin of Consumer Durables in favor of CITO Nidhi. |
| Guarantee | A suitable Guarantor may be required. |
| Collateral Security | Can be sought on the basis of Business Assessment. |
| Co-Applicant | Co-Applicant should be Spouse or any Blood relative acceptable to Bank. |
| Other Terms & Conditions |
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